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Taiyo Nippon Sanso Will Change Taiyo Nippon Sanso will change Annual Report 2013 Year Ended March 31, 2013 CONTENTS Profi le 1 Management Philosophy 1 Business Portfolio 2 To Our Stakeholders 10 Bold Reforms and Unyielding Determination 11 Business Activities 20 Corporate Governance 22 Corporate Social Responsibility 23 Board of Directors, Corporate Auditors and Corporate Offi cers 24 Six-Year Summary 25 Management’s Analysis of Operating Results and Financial Position 26 Consolidated Financial Statements 30 Notes to Consolidated Financial Statements 35 Report of Independent Auditors 54 Investor Information 55 Disclaimer Regarding Forward-Looking Statements This annual report contains forward-looking statements regarding the future plans, strategies, activities and performance of Taiyo Nippon Sanso Corporation. Forward-looking statements refl ect management’s assump- tions and beliefs based on information available as of the date of this docu- ment’s publication and inherently involve risks and uncertainties. Actual results may thus differ substantially from these statements. Risks and uncertainties include, but are not limited to, changes in general economic and specifi c market conditions, currency exchange rate fl uctuations and evolving trends in demands for the Company’s products and services. Profile Taiyo Nippon Sanso Corporation was created through the merger of Nippon Sanso Corporation and Taiyo Toyo Sanso Co., Ltd., on October 1, 2004. Today, the Company continues to draw on the capabilities of its two predecessors as it strives to become an Asian-born major player in the global industrial gases industry. Management Philosophy “Market-driven collaborative innovation: improving the future through gases” Taiyo Nippon Sanso Corporation | Annual Report 2013 1 BUSINESS PORTFOLIO This section presents information on Taiyo Nippon Sanso’s operations, focusing on the nature, competitive advantages and market position of each of the Company’s businesses. Industrial Gas Business Thermos Business Plants and Engineering Business Research and Development Medical Business Electronics-related Business Lp Gas Business 2 Taiyo Nippon Sanso Corporation | Annual Report 2013 Industrial Gas Business In line with our commitment to provide industrial gases to our customers when and where needed, we have gas production and supply capabilities in Japan, the United States and across Asia, including in China and India. This enables us to ensure safe, stable supplies of gases to customers in the manner that best suits their particular needs, thereby contributing to enhanced quality and productivity, as well as to the safety and security of their operations. Our distinctive gas technologies continue to earn us high marks from customers in a wide range of industries, including manufacturing and processing, materials, energy, chemicals, agriculture, food, bioscience and aerospace. Competitive advantages Leading share of Japan’s market for industrial gases Number 1 in oxygen, nitrogen and argon, number 1 in helium and carbon dioxide and number 2 in acetylene, we enjoy a 40% share of Japan’s market for industrial gases. In addition to approximately 30 liquid gas production bases and 200 filling stations nationwide, we have an extensive network of shipping bases and a fleet of tanker trucks. At our liquid gas production bases, we are steadily replacing equipment with state-of-the-art, energy-efficient air separation plants. One of only six companies in the world with rights to conduct transactions directly with major helium producers We have established an extensive customer base in North America. In the United States, subsidiary Matheson Tri-Gas, Inc., formed a helium production joint venture with Air Products and Chemicals, Inc., that is scheduled to commence operations within the current year. In China, India and elsewhere in Asia, we are pressing forward with the construction of helium filling stations with the aim of expanding our supply capabilities. Growing network of air separation plants in the United States and Asia In the United States, we completed new air separation plants in North Dakota and Florida, the first commencing operations in May 2012 and the second in March 2013. In Asia, we completed air separation plants in southern Vietnam and on the island of Mindanao in the Philippines, which began operating in February 2012 and January 2013, respectively, and plan to complete another unit, near Pune, India, by the end of 2013. Expanded market coverage in the United States thanks to key U.S. distributor acquisitions In fiscal year 2013, we acquired the businesses and assets of four industrial gas distributors in the United States: US Airweld, Inc. (Arizona and New Mexico), A&F Welding Supply, Inc. (Texas), Whitmer Welding Supplies, Inc. (Nebraska) and Evergreen Supply, Inc. (South Dakota). Taiyo Nippon Sanso Corporation | Annual Report 2013 3 Plants and Engineering Business We have built an extensive lineup of plants, which underpin our industrial gas business, that ranges from ultrahigh-purity manufacturing equipment for customers in the electronics industry to large-scale plants for steelmakers and specialized containers for the cryogenic transport of helium, and enjoy a favorable reputation for all products both in Japan and overseas. Our offerings also include space- simulation chambers, large-scale helium refrigeration systems and other cutting-edge offerings, which we market primarily for use in space development and in R&D in the area of superconductive technologies. Competitive advantages Top share of Japan’s market for air separation plants A wealth of accumulated cryogenic and adsorption technologies, which we are leveraging to reduce consumption of electricity and cost per unit of production, as well as to increase the quality and size of plants Cutting-edge simulation technologies that ensure the optimal operation of air separation plants in response to different requirements One of only three helium container manufacturers worldwide and the only one in Japan We are expanding our production capacity to accommodate rising demand for containers that facilitate the cryogenic transport of helium over long distances. 4 Taiyo Nippon Sanso Corporation | Annual Report 2013 Electronics-related Business Operating in an industry that is increasingly characterized by global-scale competition and cooperation, electronics manufacturers face growing pressure to ensure the efficiency and stability of production. Such firms look to us for reliable supplies of high-grade materials gases, as well as for technologies that facilitate the safe and efficient use of such gases. To provide electronics manufacturers with a wide range of materials gases, as well as with a huge volume of high-purity nitrogen gases, we install Total Gas Centers (TGCs), which facilitate stable, around-the-clock supplies. We also manufacture and sell refining and exhaust gas abatement equipment, and metal organic chemical vapor deposition (MOCVD) systems, used in the production of compound semiconductors, as well as construct piping to deliver high-purity gases. Competitive advantages World-class total gas and equipment solutions made possible by stringent quality control and clean technologies Solutions include high-purity piping systems. Supply structure encompassing key global markets Our supply structure covers Japan, East Asia (South Korea, China and Taiwan), Southeast Asia, and the United States. Our global network enables us to optimize production, procurement and transport. Increasing sales of UR-26K MOCVD system This system realizes world-class surface processing performance and a yield rate of 10 six-inch or six eight-inch wafers. Taiyo Nippon Sanso Corporation | Annual Report 2013 5 LP Gas Business We wholesale LP gas to production facilities and for other industrial applications, and supply it to fueling stations for taxis and other vehicles, as well as to a wide range of other customers, from restaurants and other commercial users to residential users. We also sell related equipment and devices, including gas heat pumps, air conditioners, fuel cells for homes and hot water heaters, as well as design, build and provide maintenance services for LP gas dispensers and other supply facilities. Competitive advantages Ranked ninth in Japan in terms of market share, with an annual LP gas supply capacity of 410,000 tons Ability to provide stable LP gas supplies to approximately 100,000 households that lack access to town gas services; increasingly strong and efficient network in Japan for supplying commercial users thanks to the integration and/or expansion of sales and delivery sites 6 Taiyo Nippon Sanso Corporation | Annual Report 2013 Medical Business In addition to providing stable supplies of high-quality medical gases, we develop, manufacture, sell and provide maintenance services for gas supply systems for hospitals, as well as home oxygen therapy (HOT) and other home healthcare equipment. We also extend comprehensive support in the form of around- the-clock services, including remote monitoring of gas levels and follow-up services for equipment, which are provided in cooperation with retailers. Applying our advanced gas technologies, we provide products for the biotechnology field, including cryopreservation containers for bioresources used in research, as well as stable isotopes and specialty gases for use in advanced diagnostics and medical treatment. Competitive advantages 200 kg increase in annual production capacity for Water-18O, a starting material for diagnostic agents used in positron
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